Detailed financial statements for Biomea Fusion, Inc. (BMEA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Biomea Fusion, Inc., a clinical-stage diabetes and obesity medicines company, focuses on the discovery and development of oral drugs to treat patients with diabetes and obesity. It’s lead clinical program’s drug candidates are COVALENT-111 and COVALENT-112, which has completed Phase II clinical trials of icovamenib for the treatment of Type 1 and Type 2 diabetes; COVALENT-211, which is in Phase II clinical trial of icovamenib for treating insulin-deficient type 2 diabetes; an...
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.74, BMEA has negative trailing earnings (P/E not meaningful) and an ROE of -171.19%. Market capitalisation stands at $126M.
Balance sheet quality for BMEA: current ratio of 5.2, net cash position of $54.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | $132000 | 0 | 0 | 0 | 0 | $1.4M |
| Gross Profit | 0 | -$132000 | 0 | 0 | 0 | 0 | -$1.4M |
| Research & Development | $1.1M | $3.7M | $28.0M | $62.7M | $102.5M | $118.1M | $62.0M |
| Selling, General & Admin | $103000 | $1.5M | $13.7M | $20.9M | $23.6M | $26.0M | $19.3M |
| Operating Expenses | $1.2M | $5.2M | $41.7M | $83.6M | $126.1M | $144.1M | $79.9M |
| Operating Income | -$1.2M | -$5.3M | -$41.7M | -$83.6M | -$126.1M | -$144.1M | -$81.3M |
| EBITDA | -$1.2M | -$5.2M | -$41.3M | -$81.1M | -$115.7M | -$136.7M | -$60.4M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$1.2M | -$5.3M | -$41.6M | -$81.8M | -$117.3M | -$138.4M | -$61.8M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$1.2M | -$5.3M | -$41.6M | -$81.8M | -$117.3M | -$138.4M | -$61.8M |
| EPS | $-0.11 | $-0.50 | $-1.74 | $-2.80 | $-3.44 | $-3.83 | $-1.18 |
| EPS (Diluted) | $-0.11 | $-0.50 | $-1.74 | $-2.80 | $-3.44 | $-3.83 | $-1.18 |
| Shares Outstanding (Diluted) | $10.7M | $10.7M | $23.9M | $29.3M | $34.1M | $36.1M | $52.2M |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $239000 | $61.7M | $145.7M | $111.9M | $176.9M | $58.3M | $55.8M |
| Short-term Investments | 0 | 0 | $27.8M | $1.1M | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $265000 | $62.2M | $176.6M | $117.8M | $179.2M | $68.3M | $58.0M |
| Property, Plant & Equipment | 0 | $291000 | $5.7M | $8.0M | $14.9M | $10.6M | $153000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $265000 | $62.5M | $185.7M | $129.3M | $199.9M | $79.9M | $58.6M |
| Accounts Payable | $271000 | $727000 | $1.3M | $6.8M | $6.9M | $12.9M | $3.2M |
| Short-term Debt | 0 | $36000 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $286000 | $1.6M | $4.6M | $19.1M | $22.9M | $21.7M | $11.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $286000 | $57.4M | $6.9M | $20.8M | $30.7M | $28.4M | $29.0M |
| Retained Earnings | -$2.9M | -$8.2M | -$49.7M | -$131.6M | -$248.8M | -$387.3M | -$449.0M |
| Total Equity | -$21000 | $5.2M | $178.8M | $108.5M | $169.2M | $51.6M | $29.6M |
| Total Debt | 0 | $259000 | $2.9M | $2.3M | $10.3M | $8.8M | $1.6M |
| Net Debt | -$239000 | -$61.4M | -$170.7M | -$110.8M | -$166.6M | -$49.5M | -$54.2M |
| Working Capital | -$21000 | $60.6M | $171.9M | $98.7M | $156.3M | $46.7M | $46.9M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -$1.2M | -$5.3M | -$41.6M | -$81.8M | -$117.3M | -$138.4M | -$61.8M |
| Depreciation & Amortization | 0 | $132000 | $249000 | $691000 | $1.5M | $1.7M | $1.4M |
| Stock-based Compensation | 0 | 0 | $6.2M | $10.3M | $14.1M | $19.1M | $9.5M |
| Change in Working Capital | -$81000 | $411000 | -$1.6M | $7.7M | $2.3M | -$5.1M | -$3.7M |
| Operating Cash Flow | -$1.3M | -$4.5M | -$35.4M | -$62.4M | -$96.6M | -$119.9M | -$70.4M |
| Capital Expenditure | 0 | -$51000 | -$3.2M | -$1.0M | -$3.4M | -$362000 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.3M | -$4.5M | -$38.6M | -$63.4M | -$100.0M | -$120.3M | -$70.4M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income Growth (YoY) | -344.4% | -680.7% | -96.9% | -43.3% | -18.1% | +55.4% | |
| EPS Growth (YoY) | -354.5% | -248.0% | -60.9% | -22.9% | -11.3% | +69.2% | |
| Shares Change (YoY) | +0.0% | +122.8% | +22.7% | +16.5% | +5.9% | +44.7% | |
| FCF Growth (YoY) | -252.6% | -756.1% | -64.3% | -57.6% | -20.3% | +41.5% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.12 | $-0.42 | $-1.62 | $-2.17 | $-2.93 | $-3.33 | $-1.35 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $10.7M | $10.7M | $23.9M | $29.3M | $34.1M | $36.1M | $52.2M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -171.19% |
| Return on Invested Capital | -212.95% |
| Return on Assets | -88.24% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.07 |
| Current Ratio | 3.47 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -13.01 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -154.55 | -34.00 | -4.28 | -3.01 | -4.22 | -1.01 | -1.05 |
| P/B | -8668.42 | 35.22 | 0.99 | 2.27 | 2.93 | 2.72 | 2.19 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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Explore sector: Healthcare · Biotechnology
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